Penny stocks trade below $5 per share, which often presents an opportunity for investors who prefer investing in cheap stocks. However, these stocks are some of the riskiest due to their volatile nature. If you are a risk-taker, then you need to have a penny stock watch list for cheap stocks that present a potential opportunity for huge returns.
This past week, there has been market madness for both penny stocks and blue-chip stocks as the coronavirus pandemic continues to drag down markets. After the volatility experienced this past week, where even major index plunged, the US Federal Reserve announced measures to avert the possibility of a financial crunch, offering some investors hope.
In terms of penny stocks, the market effect has mostly led to increased volatility, so it’s now more important than ever to know where to look. Here are five stocks to put on your penny stock watch list:
Penny Stock Watch List for March 2020: Ocular Therapeutix Inc. (NASDAQ:OCUL)
Ocular Therapeutix is a stock to put on your biotech penny stock watch list. The stock is up 23.15% today, trading at $5.00. Over the past week, the stock has been gaining momentum, and it’s up more than 25%. Since November, this penny stock has more than doubled.
OCUL received a huge boost on March 4 after the company released its preliminary Q4 revenue results, along with its initial data from its first phase clinical trial of OTX-TKI, a treatment for wet age-related macular degeneration. Net revenue was $2.3 million, with its new eye treatment, Dextenza, reporting sales of $1.6 million.
Penny Stock Watch List for March 2020: Vaxart Inc. (NASDAQ:VXRT)
Vaxart is another must-have stock on the biotech penny stock watch list, considering it has surged over 550% year-to-date. Its trigger came at the end of January after the company announced that it had initiated a program for the development of a COVID-19 vaccine.
The company will develop the coronavirus vaccine based on VAAST, an oral vaccine platform that it has already used in conducting various clinical trials. CEO Wouter Latour stated that their oral tablets have been effective in targeting mucosal pathogens like flu, RSV, norovirus, and even the coronavirus.
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On Wednesday, VXRT stock is up by another 21% to $2.34.
Penny Stock Watch List for March 2020: Heat Biologics Inc. (NASDAQ:HTBX)
Since late February, Heat Biologics is up around 200%. This week, it continued to gain after the company announced that its coronavirus vaccine candidate had been included in WHO’s “draft landscape” of around 41 vaccine candidates. The stock has gained 16% today, and it is trading at $0.6034.
The company had previously indicated that it was developing a coronavirus vaccine with the University of Miami Miller School of Medicine. Recently, Heat Biologics joined the Alliance for Biosecurity, meaning that it could secure funding from the development, production, and distribution of the vaccine.
At the time of writing, HTBX stock is trading higher by 2% at $0.615.
Penny Stock Watch List for March 2020: B2Gold Corp (NYSE:BTG)
This gold penny stock is already up 30% so far this week, following the Federal Reserve’s move to cut interest rates to zero percent, which resulted in a rise in gold prices. At the end of last month, the stock jumped after it reported higher Q4 adjusted net profits as a result of a growth in sales and an increase in gold prices.
The company’s adjusted net profit was $69 million, or $0.07 per share, relative to the net profit of $3 million reported in Q4 2018. The company sold 211,800 ounces of gold for $1,481 an ounce.
In the early morning session, BTG stock is up by 1.20% to $3.51.
Penny Stock Watch List for March 2020: MannKind Corp (NASDAQ:MNKD)
MannKind Corp has gained momentum this week, and in the last session, it was up 24.78% after it announced that it will adjust its pipeline research and focus on respiratory infections such as the novel coronavirus. Originally, the company developed products treating serious lung disease.
The company is collaborating with Immix Biopharma Inc. to develop a dry powder drug for the treatment of acute respiratory distress, which is a complication of coronavirus.
On Wednesday, MNKD stock went up marginally and is trading at $1.04.
Key Takeaway
These five penny stocks hold massive potential, and they could give significant returns even with the ongoing crisis. Since some are developing COVID-19 vaccines and treatments, they definitely hold massive potential and are worth being on your penny stock watch list.
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